According to the offer circular published by the DMO, the settlement date for the auction is Wednesday, October 21, 2026. The issuance comprises three previously issued bonds being reopened to investors.

The offer includes ₦500 billion in the 19 per cent FGN February 2034 bond, ₦800 billion in the 16.79 per cent FGN September 2036 bond and ₦450 billion in the 15.45 per cent FGN June 2038 bond.

The three offers amount to ₦1.75 trillion and are being conducted on behalf of the Federal Government under the relevant laws governing government borrowing and the DMO’s operations.

Under the offer terms, the bonds are priced at ₦1,000 per unit, with a minimum subscription of ₦50,001,000. Additional subscriptions must be made in multiples of ₦1,000.

Because the instruments are reopened bonds, successful bidders will pay prices determined by the yield-to-maturity bids accepted at the auction. Accrued interest on the bonds will also be payable where applicable.

Interest is paid twice a year, while the principal is scheduled to be repaid in full when each bond reaches its maturity date in 2034, 2036 or 2038.

The DMO stated that the bonds qualify as eligible investments for trustees under the Trustee Investment Act. They also qualify as government securities under applicable provisions of the Companies Income Tax Act and Personal Income Tax Act, including specified tax exemptions for pension funds and other eligible investors.

The bonds are listed on the Nigerian Exchange Limited and the FMDQ Securities Exchange. They also qualify as liquid assets for calculating banks’ liquidity ratios.

According to the DMO, the securities are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the country’s general assets.

Interested investors are directed to approach the DMO’s designated Primary Market Dealers, which include Access Bank, Citibank Nigeria, Coronation Merchant Bank, Ecobank Nigeria, FBNQuest Merchant Bank, First Bank of Nigeria, First City Monument Bank, FSDH Merchant Bank, Rand Merchant Bank Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank, Standard Chartered Bank Nigeria, United Bank for Africa and Zenith Bank.

The DMO also stated that it reserves the right to determine the final allotment of the bonds.

The October offer forms part of the Federal Government’s domestic borrowing programme. Investors should review the official offer circular and understand the pricing, interest payments, maturity dates and other applicable terms before making financial decisions.

Reporting by TalkNaijaMedia